GOP Tax Bill Will Hurt U.S. Military Say Top Generals
Source: Newsweek Magazine
REPUBLICAN TAX BILL COULD HURT U.S. MILITARY, ACCORDING TO TOP GENERALS
BY NICOLE GOODKIND ON 12/2/17 AT 2:06 PM
America’s fiscal strength is inextricably linked to its military power, and the Senate tax bill, which passed at two in the morning on Saturday, will diminish the United States’ fiscal stability by adding between $1 trillion and $1.4 trillion to the Federal debt over the next decade, according to the non-partisan Coalition for Fiscal and National Security.
The Coalition, which consists of a group of 21 leaders in military defense including Mike Mullen, Madeleine Albright, Henry Kissinger, Chuck Hagel, Bob Gates and Leon Panetta, has long warned that America’s long-term debt is the single greatest threat to its national security.
The U.S. national debt recently surpassed $20 trillion, and is on track to add an additional $10 trillion more over the next decade. While Republicans insist that their tax plan will pay for itself, Congressional Budget Office and Joint Taxation Committee analysis shows that the national debt will increase considerably under their plan.
Debt service encroaches on discretionary spending in the federal budget, and 54 percent of all federal discretionary spending goes to the U.S. military. Even so, defense spending has been in decline over the past decade due partially to Obama-era policy and partially because of mandatory cuts that are required under the Budget Control Act when spending ceilings are hit.
Read more: http://www.newsweek.com/tax-plan-military-war-north-korea-republicans-729506
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